NOTE 6 - STOCK OPTIONS AND WARRANTS (Tables)

6 Months Ended

Dec. 31, 2015

Disclosure Text Block Supplement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

We estimated the fair value of the stock options above at the grant date based on the following weighted average assumptions:

Risk free interest rate	1.155	%
Expected life	2.0 – 4.5	years
Expected volatility	167.37 – 113.50	%
Dividend yield	0.00	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the status of our outstanding stock options as of December 31, 2015 and June 30, 2015 and changes during the periods then ended is presented below:

	December 31, 2015						June 30, 2015
			Weight Average		Intrinsic					Weight Average			Intrinsic
	Shares		Exercise Price		Value		Shares			Exercise Price			Value
Outstanding beginning of period		2,270,000	$	0.14				1,754,000		$	0.17
Granted		1,030,000	$	0.10				670,000		$	0.10
Expired/Cancelled		-	$	0.00				(154,000	)	$	(0.29	)
Exercised		-	$	0.00				-		$	0.00
Outstanding end of period		3,300,000	$	0.13	$	132,000		2,270,000		$	0.14		$	45,400
Exercisable		2,820,000	$	0.13	$	112,800		1,752,500		$	0.16		$	35,050

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

The following table summarizes the range of outstanding and exercisable options as of December 31, 2015:

		Outstanding						Exercisable
Range of Exercise Prices		Number Outstanding at December 31, 2015		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number Exercisable at December 31, 2015		Weighted Average Remaining Contractual Life
$	0.08		150,000		5.92	$	0.08		150,000		5.92
$	0.10		1,700,000		3.96	$	0.10		1,220,000		3.96
$	0.17		650,000		3.92	$	0.17		650,000		3.92
$	0.17		400,000		4.92	$	0.17		400,000		4.92
$	0.17		400,000		5.92	$	0.17		400,000		5.92
			3,300,000						2,820,000